In only a week, the 2024 tax season begins, which implies the IRS will start accepting tax returns. When you’re a Supplemental Safety Earnings recipient, it’s possible you’ll be questioning should you’re required to file a tax return this 12 months.
Whereas there is not any one-size-fits-all reply, we may help you determine whether or not it is value your time to file. As an example, you is likely to be eligible for different tax credit and doubtlessly extra money which you could solely obtain should you file your taxes. We’ll clarify under.
Preserve studying to search out out whether or not it’s best to file your taxes this 12 months as an SSI recipient. Additionally, should you obtain Social Safety advantages, this is how way more cash you possibly can anticipate with a COLA enhance in 2024.
Is my SSI cash taxable?
Your SSI advantages will not be taxable. Additionally, the cash you obtain is not thought-about earned earnings. As an alternative, SSI advantages are designed to assist these with restricted earnings, sure disabilities and extra (you possibly can try the full eligibility necessities right here).
Ought to I nonetheless file my taxes even when it isn’t required?
Though submitting your taxes is just not required, there are different causes you would possibly need to take into account submitting anyway. The largest purpose is to doubtlessly get a tax refund, which implies extra cash for you. You may also be eligible for different advantages, such because the little one tax credit score (CTC) and earned earnings tax credit score (EITC), that might give you much more cash.
What tax credit can I get if I obtain SSI?
When you obtain SSI, you are still eligible for added tax credit, which will not have an effect on the quantity of SSI cash you obtain. As talked about above, you possibly can declare the CTC, assuming you meet the {qualifications}. When you’ve got youngsters aged 17 and youthful, you possibly can obtain as much as $2,000 per little one, relying in your earnings. You’ll find out how a lot CTC cash you are eligible for right here.
You too can declare the EITC, a tax break for people and households with low to average earnings. The quantity you get will depend on what number of youngsters you will have and your earned earnings. When you qualify for the EITC, you should use the credit score to cut back any taxes it’s possible you’ll owe — and should you do not owe any taxes, it might be refunded to you.
Be aware that it might take longer to get your tax refund should you declare both of those tax credit whenever you file your tax return.
How can I learn how a lot SSI cash I obtained in 2023?
The reply will depend on whether or not you obtain simply SSI or whether or not you additionally obtain Social Safety advantages. When you obtain each, it’s best to obtain a letter within the mail or on-line in January 2024 from the Social Safety Administration that may embody how a lot cash you obtained in 2023. When you do not have already got one, arrange a My Social Safety account so you possibly can see the letter on-line.
When you solely obtain SSI, the Social Safety Administration will not ship you a letter because the funds aren’t taxed. As an alternative, you possibly can name the administration at 1-800-772-1213 or go to your native Social Safety workplace for help.
For extra particulars, this is the most quantity you possibly can obtain from SSI. Additionally, discover out how a lot of a COLA enhance you are getting in your month-to-month SSI examine in 2024.